Will Magnificent 7 Investors Shift to Bitcoin?
Disclaimer: Your capital is at risk. This is not investment advice.
ByteFolio Issue 157;
There’s been a modest pullback, but it's still an uptrend for Bitcoin. This chart is rebased to 100, which shows the performance compared to the start date. The bullish point is that the 120 level ($80k price equivalent) is likely to be a major low. The 30-day moving average will soon cut through the 200-day moving average, which will be a boost for the bulls.
Bitcoin ByteTrend Score 5 of 5
Since the start of the latest bull run at the beginning of 2023, Bitcoin has done nearly twice as well as the Magnificent 7 stocks. Now, they have come under pressure, and the hope is that the big money will buy Bitcoin, and to some extent, they are.
Bitcoin and the Magnificent 7 Stocks
The number of Bitcoins held by ETFs has been rising again after two strong weeks and is not far from a new all-time high. Add in Saylor’s Strategy and copycats, and there is a strong bid for Bitcoin.
Bitcoin Held by ETFs
The only negative is the poor performance of altcoins compared to Bitcoin. The ByteTrend breadth chart in USD shows that very few alts are now in 0-star downtrends (red has shrunk), but there is still a lack of blue 5-star bullish trends.
Crypto Breadth in USD
I suspect the next altcoin season kicks off when everyone has given up. Don’t be like them.
